Battery Monitoring System Market Size was valued at USD 6,662.2 Million in 2023. The Battery Monitoring System Market industry is projected to grow from USD 7,868.0 Million in 2024 to USD 29,775.8 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 18.10% during the forecast period (2024 - 2032).
The battery monitoring system helps to monitor the functions of a battery, including measurement of the battery voltage, charge status, and load activities. The battery monitoring system transmits the data to a centralized control room or a remote location through ethernet. It also displays the battery status and fault alarms on a control unit. It consists of hardware and software components. The battery monitoring system has applications in various sectors, including data centers, power utilities, consumer electronics, automotive, solar power, and others.
The demand for battery monitoring systems is growing rapidly in the global market owing to the various factors, including growing adoption of the battery monitoring system in data centers and its easy installation. However, the high cost of the battery monitoring system is expected to restrain the growth of the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
A data center involves servers, networking systems, and storage resources, which organize, store, and process data and information. Data centers are used by an organization for carrying out their core applications. Different types of batteries, such as lithium-ion batteries and lead-acid batteries, are used in data centers to support UPS systems and provide back-up power over a longer period. Proper monitoring of batteries in data centers is essential as battery failures may disrupt operations and result in financial losses. Thus, battery monitoring systems that are integrated with the batteries enhance the operations and safety of the data centers
Moreover, the demand for data centers across the world is growing significantly, and many countries in the world, such as Saudi Arabia, India, and the US, are focusing on the development of data centers. For instance, in Saudi Arabia, in February 2018, Google (US) collaborated with Saudi Arabian Oil Co. to establish a data center. Moreover, in India, in September 2018, Alibaba Group (China) opened its second Availability Zone in Mumbai, India. In February 2019, Ctrl Datacenters Ltd (India) planned to invest USD 278.6 million for setting up three hyper-scale data centers in India. Furthermore, in February 2019, Google (US) announced that it would invest more than USD 13 billion in developing data centers and offices across the US.
BMS is a major component in data centers as they are used to enhance the functions of UPS in data centers. For instance, in 2019, Vertiv (US) introduced a lithium-ion battery cabinet for use with larger capacity uninterruptible power supply (UPS) systems. Vertiv allows direct communication between battery monitoring systems within the unit and external UPS. Similarly, Schneider Electric (France) provides a varied range of products to monitor the batteries for data centers. Such developments are driving the growth of the battery monitoring system for data centers globally.
The Battery Monitoring System Market segmentation, Based on component, the Battery Monitoring System Market is categorized into hardware, software, and services. The hardware and software components of a system receive information from each other to enhance the functioning of a BMS. The hardware segment accounted for the largest market share in 2023, the market is expected to register a CAGR of 17.91% during the forecast period. The main components are Hardware, Software, and Services. The hardware segment consists of various equipment used in BMS to monitor and control various aspects of the batteries involved. Some of the hardware components used in battery management systems include batteries, transistors, intelligent power devices, and microcontrollers. The increasing demand for BMS is driving the growth of the hardware segment in the global battery monitoring system (BMS) market during the forecast period.
Analyst Review: The surging Battery Monitoring System Market (Battery Monitoring System Market) market pulsating with growth, innovation, and the potential to redefine its role in environmental stewardship. This dynamic market's ascent is propelled due to its rising renewable energy market and rising demand for batteries from EV and Datacenter Market.
Based on type, the Battery Monitoring System Market is categorized into wired and wireless. BMS can be deployed or installed using a wire or via a wireless facility. It dedicatedly depends on the requirement of the end user. In 2023, The wired segment accounted for a larger market share, the market is expected to register a CAGR of 18.02% during the forecast period. This segment accounted for the largest share of the market in 2023 and is expected to remain dominant during the forecast period. The wired battery monitoring system has several benefits, including security, reliability, and speed. These BMS delivers efficient and highly accurate and reliable remote health analysis of stationary batteries in applications with high electromagnetic noise. Battery sensor modules are hard-wired for uninterrupted communication, ideal for applications where high electromagnetic noise is present. Some of the key application areas of wired BMS include data center, telecommunication, and utilities. Wired battery monitoring has a higher share as compared to wireless as this has been a traditional way of connecting the batteries in the system and has experienced significant advancement to ensure the wired products are incredibly reliable. However, the wireless battery monitoring system is expected to grow too, as it can convey facility data without having to run cables across the walls and ceilings.
Based on battery type, the global battery monitoring system (BMS) market is segmented into: Lithium-Ion Based Batteries, Lead-acid Batteries, Others. In 2023, The lithium-ion segment accounted for the largest market share, the market is expected to register the high CAGR during the forecast period. This segment accounted for the largest share of the market in 2023 and is expected to remain dominant during the forecast period. Lithium-ion batteries are rechargeable and have extensive applications in end-use industries such as automotive, electronics, aerospace, and defense. The lithium-ions move from the negative electrode to the positive electrode during discharge, and while charging the lithium-ions move from the positive to the negative electrodes. Lithium-ion batteries have a high energy density and a long life, driving the demand for lithium-ion batteries. Owing to the rising demand for electric vehicles powered by lithium-ion batteries, this segment is expected to witness substantial growth in the global battery monitoring system (BMS) market during the forecast period.
Based on product, the Battery Monitoring System Market is categorized into stationary battery and motive battery. These batteries are used for various applications including consumer electronics, automotive, construction electronics, and aerospace & defense. In 2023, the stationary battery segment drove the Battery Monitoring System Market by holding a substantial market share during the assessment period. These batteries are used in applications where power is required only on a standby or emergency basis. These batteries are mainly used for backup power in case when the main power fails. When the main power supply fails, these batteries seamlessly continue, meeting the existing power demand. In critical events such as operation theatres in hospitals, these batteries are heavily used. Typically, stationary batteries have a lifespan of between three and five years, based on calculation of several factors, including the number of loading/unloading cycles and environmental factors. BMS providers offer a solution for various stationary batteries. For instance, Schneider Electric offers smart-charging and remote battery management for stationary UPS batteries.
Based on end use, the Battery Monitoring System Market is categorized into telecommunication, automotive, utility, consumer electronics, aerospace & defense, and others. In 2023, the automotive segment drove the Battery Monitoring System Market by holding a substantial market share during the assessment period. This segment accounted for the largest share of the market in 2023 and is expected to remain dominant during the forecast period. Battery monitoring system in the automotive segment is primarily used in electric vehicles to monitor the batteries installed. The rising concerns about carbon emission are driving the demand for electric vehicles globally. Furthermore, the reducing cost of efficient batteries for electric vehicles is expected to propel the demand for electric vehicles during the forecast period. BMS in electric vehicles provide substantial information to the users, including vehicle range and charge capacity. Thus, the increasing demand for electric vehicles is expected to drive the automotive segment in the global battery monitoring system (BMS) market during the forecast period.
Based on Region, the Battery Monitoring System Market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. This region has seen healthy growth in the demand for EVs during the past few years. In North America, the sale of electric cars has doubled since 2018, which implies that the demand for electric cars has been rising at a rapid pace. This demand is expected to increase the need for BMS to control and manage the batteries in the EVs across the US, Canada, and Mexico. The demand for BMS is also coming from the data center. Several new data center projects have been initiated in the region, including Google’s recent plan to invest billions in its US offices and data centers.
The global battery monitoring system (BMS) market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players constantly competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the key factors that could restrain market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. It is crucial for vendors to provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of market vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Cell watch (NSDL), Power shield, Texas Instrument, Sockmen, and Eagle eye power solutions, LLC are some of the major players in the market. These companies compete in terms of availability, quality, price, and technology. They are primarily focused on product development as their key strategy in the global battery monitoring system (BMS) market. Although international players are dominating the market, regional players with small shares also have a significant presence in the market. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.
Cell watch (NSDL) is one of the prominent players in the market. The company offers a comprehensive range of battery monitoring systems across various industries vertically. Additionally, the company’s product is complied with all the essential regulatory frameworks, thereby making the product one of the popular choices among enterprises operating in industry vertically.
Vertiv Holdings Co (Vertiv): Vertiv Holdings Co (Vertiv), formerly known as GS Acquisition Holdings Corp, was initially incorporated in Delaware (US) on April 25, 2016. The company designs, manufactures, and offers services of critical digital infrastructure. Vertiv provides solutions to data centers, communication networks, and commercial & industrial application areas. The company sells its solutions in more than 45 countries across the Americas, Asia Pacific, and Europe, the Middle East and Africa (EMEA). Vertiv provides a broad range of offerings, which include power monitoring products, thermal monitoring products, integrated rack systems, modular solutions, and monitoring systems for monitoring and controlling digital infrastructure. The company’s key customers are concentrated in three main end markets, including the data center (hyperscale/cloud, colocation, enterprise, and edge), communication networks, and commercial and industrial environments. In 2019, Vertiv spent USD 198.3 million on research and development (R&D).
Cellwatch: Cellwatch is the provider of a battery monitoring solution for critical battery protection applications. The company is part of NDSL Group LTD. Cellwatch has been uniquely designed to monitor batteries every day, delivering unmatched monitoring technology to protect customers from downtime. Cellwatch was the first modular battery monitoring system on the market. Some of the key customers with which the company has worked closely include Green Mountain (for its Data Centre to prevent downtime and achieves greater sustainability), Sentinel (for its data center), Columbus regional airport authority, and regions bank.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 6,662.2 Million |
| Market Size 2024 | USD 7,868.0 Million |
| Market Size 2032 | USD 29,775.8 Million |
| Compound Annual Growth Rate (CAGR) | 18.10% (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2018 to 2022 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Product Type, Battery Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, south America, middle east & Africa |
| Countries Covered | US, Canada, Germany, UK, France, Spain, Italy, Russia, China, Japan, India, South Korea, Brazil, Mexico, Argentina, South Africa, GCC countries |
| Key Companies Profiled | Vertiv Holdings Co (Vertiv), Cellwatch, BatteryDAQ, PowerShield, Canara, Inc., BTECH Inc., Eagle Eye Power Solution LLC (Eagle Eye), Curtis Instruments Inc., HBL Power Systems Limited (HBL), Socomec, Storage Battery Systems, LLC (SBS) |
| Key Market Opportunities | · Increasing Renewable Energy Generation Sources |
| Key Market Dynamics | · Growing adoption of battery monitoring system in electric vehicles. |
Frequently Asked Questions (FAQ) :
Battery Monitoring System Market Size is USD 6,662.2 Million in 2023
Growth rate of the Battery Monitoring System Market is 18.10% by 2032
North America region held the largest market share in the Battery Monitoring System Market
Vertiv Holdings Co (Vertiv), Cellwatch, BatteryDAQ, PowerShield, Canara, Inc., BTECH Inc., Eagle Eye Power Solution LLC (Eagle Eye), Curtis Instruments Inc., HBL Power Systems Limited (HBL), Socomec, Storage Battery Systems, LLC (SBS).
Hardware component had the largest market share in the Battery Monitoring System Market
Li-ion Battery Type had the largest market share in the Battery Monitoring System Market
Stationary Battery Product Type had the largest market share in the Battery Monitoring System Market
Automotive End Use had the largest market share in the Battery Monitoring System Market
Wired Type had the largest market share in the Battery Monitoring System Market
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
